Winnipeg, MB, Nov. 4, 2014

ICE Futures Canada canola market settled lower on Tuesday, taking some direction from the weakness in CBOT soybeans and soyoil.

Chart-based selling contributed to the declines, with Monday's turn lower shifting the nearby technical bias back to the downside, according to participants. Fund traders were actively covering short positions over the previous week, but were looking less aggressive on the buy side on Tuesday.

Sharp losses in the outside crude oil market were also bearish for the grains and oilseeds in general, according to traders.

On the other side, a lack of significant farmer selling did help limit the losses in canola. With the Canadian canola harvest done for the year, and cash-flow needs met for the time being, producers were said to be looking content to sit and wait for better prices.

Good end user demand, with China reported to be buying more Canadian canola, helped provide some underlying support for canola as well. The weaker Canadian dollar was another supportive price influence.

About 18,673 canola contracts were traded on Tuesday, which compares with Monday when 20,897 contracts changed hands. Spreading accounted for about 9,748 of the contracts traded.

Milling wheat, durum, and barley were all untraded.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change
Canola            Jan     431.10    dn 1.80
                  Mar     429.10    dn 3.30
                  May     429.40    dn 4.00
Milling Wheat     Dec     225.00    unch
                  Mar     231.00    unch
Durum             Dec     356.50    unch
                  Mar     357.50    unch
Barley            Dec     140.00    unch
                  Mar     143.00    unch
    Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:

Months        Prices                      Volume
Canola
Nov/Jan       13.90 over to 16.00 over        12
Jan/Mar       0.80 under to 2.60 over       2676
Jan/May       0.90 under to 1.90 over        309
Jan/Jul       0.50 over to 2.50 over         239
Jan/Nov       3.70 over to 4.70 over          56
Mar/May       1.70 under to 0.80 under       946
Mar/Jul       0.90 under to 0.60 over         48
May/Jul       1.10 under to 2.10 over        439
Jul/Nov       1.70 over to 6.00 over         149

Commodity News Service